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As a US citizen, is there any benefits of holding a TFSA/RESP? - Madan CA

As a US citizen, is there any benefits of holding a TFSA/RESP?

Allan Madan, CA
 Feb 12, 2014
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No. For US tax purposes, these accounts are not recognized as tax free accounts. That means that any income earned within these accounts will be taxed when you file your US tax return. Furthermore, some TFSA and all RESP accounts are considered foreign trusts for US tax purposes. This causes additional tax reporting burden on the taxpayer who has to file Form 3520/3520-A each year. The cost of preparing these forms by a professional can range anywhere from $200 – $5,000.

 

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The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.

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